S&P 500 Rises Most in 2 Months Amid Budget Deal Optimism
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U.S. stocks rose, giving the Standard & Poor’s 500 Index its biggest advance in two months, amid better-than-forecast housing data and as President Barack Obama expressed confidence on a budget agreement with Congress.
Freeport-McMoRan Copper & Gold Inc. and Newmont Mining Corp. rallied more than 1.4 percent to pace gains in commodity producers amid Middle East tension. Cisco Systems Inc. increased 1.7 percent as it agreed to buy closely held Meraki Inc. for $1.2 billion. Lowe’s Cos. surged 6.2 percent after the home-improvement retailer posted profit that beat estimates. Apple Inc. and Amazon.com Inc. added at least 1.9 percent.